Upbit Hack Prompts Urgent Crypto Reform in Korea

[tradelikepro]

The November Upbit breach, which siphoned 104 billion Solana-based coins in under an hour, exposed weaknesses in South Korea’s crypto oversight.
Regulators are now drafting legislation to align crypto security with traditional financial institutions, mandating robust IT infrastructure, staffing, and annual technology plans.
With five major exchanges reporting 20 IT incidents affecting 900+ users since 2023, proposed rules aim to ensure rapid, predictable payouts through no-fault liability and stricter penalties for non-compliance.

[Nahid Hossen]

Major wake-up call for regulators—Korea's reforms are long overdue.

[Abdul Khan]

Security gaps exposed again; industry needs stronger safeguards.